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Union Bank of India raises Rs 1,000 crore via AT1 bonds

State-owned Union Bank of India today said it has raised Rs 1,000 crore by issuing additional tier-I (AT1) bonds.

By: | New Delhi | Published: September 15, 2016 8:49 PM
State-owned Union Bank of India. (PTI) State-owned Union Bank of India. (PTI)

State-owned Union Bank of India today said it has raised Rs 1,000 crore by issuing additional tier-I (AT1) bonds.

“The Bank has on September 15, 2016 issued 10,000 non-convertible, unsecured subordinated Basel III compliant perpetual debt instruments eligible for inclusion in additional tier 1 (AT1) capital,” the bank said in a regulatory filing.

The bonds are issued for face value of Rs 10 lakh each at par aggregating to Rs 1,000 crore on private placement basis bearing 9.50 per cent per annum coupon payable annually, it added.

The AT1 bonds are rated ‘IND AA’ by India Ratings and CARE AA by Credit Analysis & Research Ltd (CARE).
Union Bank of India shares closed 0.8 per cent down at Rs 143.50 on BSE.

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